Derek Weaver: Broker Barred for Ponzi Scheme

According to the Financial Industry Regulatory Authority (FINRA), former Alabama-based Pruco Securities broker Derek Weaver has been permanently barred from acting as a brother or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Weaver (CRD# 2298887).

Derek Weaver has spent four years in the securities industry and was most recently registered with Pruco Securities in Birmingham, Alabama (2012-2013). He was previously registered with MetLife Securities in Birmingham, Alabama (2008-2012). He is currently not registered with any state or firm.

According to his BrokerCheck report, Derek Weaver has been permanently barred from the securities industry following allegations he participated in a Ponzi scheme.

In 2014 FINRA sanctioned Derek Weaver following allegations he failed to provide requested documents and information related to an investigation into allegations he participated in a Ponzi scheme while employed at Pruco Securities. Mr. Weaver was permanently barred from acting in the securities industry in any capacity.

In 2014 a customer alleged Derek Weaver, while employed at Pruco Securities, discussed unregistered investments that were part of a Ponzi scheme. The complaint settled for $50,000.

In 2014 a customer alleged Derek Weaver, while employed at MetLife Securities, breached his fiduciary duty, failed to supervise, and violated the Alabama Securities Act in connection to the purchase of unregistered securities and variable life insurance policies. The complaint settled in 2015 for $575,000.

In 2014 a customer alleged Derek Weaver, while employed at MetLife Securities, was involved in the sale of unsuitable variable life insurance policies on or around April 2009. The complaint settled in 2015 for $450,000.

In 2008 Derek Weaver filed for Chapter 7 bankruptcy in the US Bankruptcy Court for the Northern District of Alabama in Birmingham, Alabama. The disposition was discharged in 2009.

If you have lost money investing with Derek Weaver, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.